KUALA LUMPUR: CJ Century Logistics Holdings Bhd posted a net profit of RM10.99 million in the third quarter ended September 30 2021, from RM8.3 million pre-tax profit a year ago.
Following its strategic exit from the courier services segment on July 1 this year, CJ Century said the comparative condensed consolidated statement of comprehensive income for courier services segment had been excluded from its continuing operations.
CJ Century's Q3 revenue eased 4.8 per cent to RM187.83 million mainly due to the lower export volumes in the procurement logistics services segment.
This was a result of production delays from suppliers in China coping with volume surging resulted from post-pandemic demands.
Following the company's strategic exit from the courier services segment on July 1 this year, the comparative condensed consolidated statement of comprehensive income for courier services segment has been excluded from the continuing operations of CJ Century.
For the first-nine month period, CJ Century recorded a net profit from continuing operations of RM21.03 million compared to RM17.71 million a year ago.
Both total logistics and procurement logistics segments performed healthily with the total logistics segment recording operating profit of RM19.024 million, higher by 10.5 per cent from RM17.217 million.
Separately, the procurement logistics segment posted an operating profit of RM7.81 million from RM4.77 million previously, higher by 63.9 per cent.
Chief executive officer Steven Teow said the company was in a position to perform better during the fourth quarter of 2021 and future years.
"As we enter the recovery phase of the global pandemic that has affected us all, there is renewed optimism and confidence by businesses and consumers alike. The successful vaccination rollout has enabled the opening of the domestic and global markets, albeit cautiously.
"Similarly, we are confident about our prospects moving forward and expect to achieve much improved performance in the quarter ahead."
He said the pandemic had brought about positive opportunities for the company to relook and realign its business strategies towards targeting new areas for growth.
"Our focus on providing effective logistics solutions has enabled us to retain our key customers as well as healthily growing our customer base. The pandemic has demonstrated to us the importance of cost control and a sustainable business model. We constantly challenge ourselves on what more can we do to overcome black swan events which affects lives and livelihoods.
"The idea of being sustainable and remaining so has now been thrusted to the forefront of our business and we intend to make it a key consideration in every decision we make," he added.